Home Buyer Tax Credit Deadline Is April 30th

Home Buyers don’t miss out! The tax credits offered by the Federal Government has been extended through April 30, but is not expected to be extended again.

First Time Home Buyers can receive up to $8,000. The credit is for 10 percent of the purchase price of the home and does not need to be repaid. This is a direct credit meaning that you do not need to have incurred any tax obligation to receive money. Also, beginning November 7, 2009, an additional category of new homebuyers, long-time residents (who owned their own homes), was added. The credit for this group is a maximum of $6,500, which, with some exceptions, does not have to be repaid.

To be eligible for a tax credit a buyer must be under contract by April 30, 2010 and close on the property before July 1, 2010.

To get details on tax credit options visit the IRS Website at: www.irs.gov.

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